PNP Pinetree Capital Ltd

Pinetree Capital Ltd. (TSX:PNP), announces that on December 5, 2012, it acquired ownership of 150,000 common shares ("Common Shares") and 75,000 common share purchase warrants (the "Warrants") of Alpha Minerals Inc. ("Alpha"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $1.80 until December 5, 2013. In the event that the Warrants are fully exercised, these holdings represent approximately 1.4% of the total issued and outstanding common shares of Alpha as of December 5, 2012, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at December 5, 2012, an aggregate of 1,540,500 common shares of Alpha, including the Common Shares, and rights to acquire an additional 750,000 common shares of Alpha upon exercise of certain convertible securities (the "Convertible Securities"), including the Warrants. Of these totals, Pinetree owns 300,000 common shares, including the Common Shares, and 525,000 of the Convertible Securities, including the Warrants (the "Pinetree Convertible Securities"), directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 2,290,500 common shares of Alpha, or approximately 13.8% of all issued and outstanding common shares as at December 5, 2012, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 825,000 common shares of Alpha, or approximately 5.0% of all issued and outstanding common shares as at December 5, 2012, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.

These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Alpha depending on market conditions or any other relevant factor.

About Pinetree

Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP". Pinetree is a diversified investment and venture capital firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. Pinetree's investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities. Pinetree is recognized as a value-added partner in the resource industry.

Contacts: Pinetree Capital Ltd. Sheldon Inwentash, CA Chairman & CEO 416-941-9600 Pinetree Capital Ltd. Gerry Feldman, CA CFO & Vice President, Corporate Development 416-941-9600 Investor Relations: Pinetree Capital Ltd. Richard Patricio, LL.B Vice President, Legal and Corporate Affairs 416-941-9600ir@pinetreecapital.com www.pinetreecapital.com